Insider Dealing in Hong Kong Essay Example for Free

Insider Dealing in Hong Kong Essay Although insider dealing has been a criminal offence under section 291 of Chapter 571, Securities and Futures Ordinance (SFO) in Hong Kong since 2003, the Securities and Futures Commission (SFC) was initially slow to prosecute offenders, commencing its first criminal insider dealing prosecution only in January 2008. Factors to be considered to commence criminal proceedings In deciding whether to commence criminal proceedings against an alleged insider dealer, the SFC will have regard to the guidelines in the prosecution policy of the Department of Justice, which require two basic factors to be considered: 1. Sufficiency of evidence The burden of proof is greater in criminal proceedings and the SFC will generally only recommend criminal proceedings where there is admissible, substantial and reliable evidence that an offence has been committed and there is a reasonable prospect of a conviction. Where there is a lack of sufficient evidence to meet the criminal burden of proof, the SFC is likely to initiate civil proceedings. 2. Public interest Whether, taking into account the circumstances of a particular case, it is in the public interest to bring a prosecution before the courts. First Criminal Case of Insider Dealing in Hong Kong In the case of HKSAR v Ma Hon-yeung (DCCC 229-240/2008) which involved Ma Hon-yeung, former Vice President of BNP Paribas Peregrine Capital Ltd, now known as BNP Paribas Capital (Asia Pacific) Ltd (BNP Paribas), an investment bank. The case is related to trading in the shares of Egana Jewellery Pearls Ltd (Egana), a listed company in Hong Kong prior to an announcement made to the market on 11 Jul 2006 aboutprivatization of the company. Ma Hon-yeung learned of a proposed privatization of Egana and tipped off his girlfriend, Ivy Lo Yuk-wah and three other family members, Sammy Ma Hon-kit, Cordelia Tso Kin-wah and Ronald Ma Chun-ho, within days of becoming privy to the proposed deal. All of them bought shares in Egana before the company announced a privatization plan and made a profit as a result. Between 1 June 2006 and 6 July 2006, trading in Egana’s shares ranged between HK$1.35 and HK$1.61 with average daily turnover of 636,630 shares. Trading in the shares of Egana and EganaGoldpfeil were suspended on 7 July 2006 pending an announcement. On 11 July 2006, Egana and EganaGoldpfeil made a joint announcement about a proposed privatization of Egana. The proposal offered shareholders a choice of receiving HK$1.80 per share or one share of EganaGoldpfeil for every 1.5 Egana shares or a combination of both. Following the announcement on 11 July 2006 the share price closed at HK$1.84 with substantially increased turnover of 25 million shares. The privatization proposal was approved by shareholders and by the court and became effective on 23 October 2006. Egana was delisted on the following day. Ma acted as a financial consultant for Egana during the privatization move, which he knew was confidential, price sensitive information. Ma had counselled or procured Ivy and Sammy to trade in Egana shares. He was convicted of insider dealing contrary to section 291(1)(b). Ivy, bought 1.51 million shares in Egana between June 20 and July 6, 2006. She was convicted of insider dealing contrary to section 291(5)(a). Ma transferred a total HK$1.7 million into Ivys account before the privatization announcement. She later sold the shares and transferred the money back to Ma’s account. Sammy , Cordelia and Ronald bought Egana shares separately from July 6. Sammy, Ronald and Cordelia traded in Egana shares having information through Mas connection to Egana about the proposed privatisation. Owing to their close family relationship between Ma andhis three family members, who received and made profit by utilizing such information, all of them were convicted of insider dealing contrary to section 291(5)(a) and (8) of SFO. Ma and Ivy were given custodial sentences of 26 months and 12months respectively. Ma’s three family members were ordered to serve 200 hours of community service. Fines were also imposed in amounts equivalent to the profits they had made while dealing in Egana shares ahead of the privatization which are HK$230,000, HK$210,000, HK$330,000, HK$110,000 and HK$17,000 respectively. The Court also ordered them to pay the Securities and Futures Commission (SFC) investigation costs totaling HK$322,742. This is the first time any person has been sentenced to jail for insider dealing in Hong Kong. The family members avoided custodial sentences because they were merely opportunistic investors making use of the relevant information divulged by the vice-president. There was no evidence that they assisted him in carrying out his plot for personal gain by using insider information. The conduct of the girlfriend, on the other hand, warranted a custodial sentence as she was the person executing the plot on behalf of the vice-president. She was fully aware of his position of trust in the financial institution and had used her trading account to perpetrate the plot. As such, the court viewed her involvement in the misconduct as being much more serious than that of an opportunistic investor; community service could not adequately reflect her culpability. However, we continue to see obvious and flagrant breaches of the insider dealing laws, such as insiders and/or their families’ members will exploited the confidential information they obtained to make a gain on disposal of shares. One of the reasons may be that the punishment for insider dealing in Hong Kong is mild for the offenders.

Ambition :: essays research papers

That formidable force that makes one believe that one needs what one usually only desires; that mind-set that is really more of an entity that sits on ones shoulder, and relentlessly screams â€Å"further, further†; that asset that makes those who are not zealous, jealous... That is ambition.Ambition has been the backbone of every army! Through those great ancient Egyptian wars, through Persia, through Hastings, through Waterloo, through the native American/greedy colonist battles, through the world-wars, through the Balkans, and through every other great conflict that has ever existed but that I am unable to cite, each party was blessed by pure and passionate ambition...ambition to win at whatever cost necessary. Surely only the collective force of ambition found in a battle is liable to cause as much suffering and damage as has been caused by all battles that have ever been lost or won? Even the weakest, most injured warrior who persevered has been touched not by insanity, but by raw ambition, and even the most perturbed and exasperated warlord is supported not by his schemes, but by the ambition to realise them.Ambition is the ultimate wonder of the world! Ambition made all seven of them and more...shouldn’t it be regarded as their veritable (no matter how intangible) superior? From the conception to the design to the construction to the completion, ambition was the proverbial foreman, as once again we see that collective zeal create a phenomenon...thus...Ambition is the source of all that is good and all that is evil! It makes the wonders and it makes the wars.Ambition is the winner and loser of every game! Every footballer, every chess player, every marathon runner, every duck-legged Olympic walker smells of fervour which seeps from the pores of their ambition.When years of dedication pass the baton to ambition, there is a sage to be reckoned with. One only wonders why in spite of the eternal paradoxical query â€Å"what would happen if an irresistible force met with an irresistible force?†, someone always has to lose?Ambition makes you healthy, wealthy, and wise! Doesn’t it? Observe this immortal quotation of Henry Ford:"Whether you think you can or you think you cannot, you are right"The truth he successfully conveys is that we are the scribes of our own destiny. It is ambition that makes us think we can be successful, and lack of ambition that makes us think we cannot.

Civil Rights Movement

During the 1960s it was the start of the civil rights movement. It's quite a significant period in American history for equality since the Civil war. African American has had enough of the unjust way they've been treated. This was about the fight to attain something more than just changing the law but also come together as a nation to continue the fight for freedom and solve these social issues that were oppressing people of color. In order for this to happen, African Americans must of have taken actions that would greatly affect the system that they were forced to live. This was a time where uniting in their community was essential to the cause of the civil rights movement. Overcoming all these challenges was difficult as they were met with many oppositionists that were peaceful and non-peaceful. Many different leaders had a different philosophy on how to resolve their issues. Ultimately, they all had the same goal which was to find freedom and equality for their people. The civil rights movement was about battling against the racial injustices in America and getting equality to all people, while at the same time offering solutions to resolve all these issues in America. In the civil rights movement, African American were faced with dangers and obstacles in this fight. With all the rallies, marches that were organized, or just simply living their life, came a lot of unwelcome physical violence. One prime example of this is the peaceful marches people came and were then beaten by the police. Civil rights leader Martin Luther King, Jr. directly explains, â€Å"when you have seen hate-filled policemen curse, kick, and even kill your black brothers and sisters† (p.28-29).Most of the time it was no fault of the protester, but it was because of the racism and hate police had people of color. Another, yet similar, example of violence, experienced by Anne Moody. This was a protest in the death of Medgar. Anne, as well as other protesters, were arrested and put into a paddy wagon or garbage trucks and left in the fields. â€Å"The driver rolled up the windows,† describes civil rights activist Anne Moody, â€Å"turned the heater on, got out, closed the door and left us† (p.49). The protesters were not treated with any respect but instead treated like animals. Police brutality was a reality that was expected to be confronted with at rallies. However, they had to show no signs no signs of counter-attack and peaceful throughout the protest. It was part of King's non-violent approach during the civil rights movement. The oppression and discrimination of sorts was a battle that people of color faced during the 1960s. All of this was part of an everyday life for African Americans. However, there was some type discrimination within them. This was the role that women were allowed to be part of in the marches. Civil rights activist Rosa Parks states, â€Å"women were not allowed to play much of a role. The marching committee didn't want Coretta Scott King and the other wives of the male leaders to march with their husbands† (p.44). This was the separation of women and men for no reason. It shows the inequality that was present during the 1960s but also a bit ironic since the whole point of the march was the fight for equal rights. It's also a representation of how much more work is needed to make this world equal for everyone. Moreover, the discrimination against color people was quite vibrant in all aspects of the ways African Americans lived. African Americans were hit with a lot of discriminatory signs in public accommodations that were extremely racially offensive. When there seemed to have been some type of change with that, it only lasted for a while and went back to the same old thing. â€Å"We realize that we were the victims of a broken promise. A few signs, briefly removed, returned; the others remained,† expresses activist Martin Luther King, Jr. (p.26). Just because of their skin color they were met with racist signs. As I said before it's not just a legal change that was occurring but also a social one that needed a change. It was important to have a change in opinion by this country's society. It was also about combating the racism black people faced on a daily basis throughout their day. Anne Moody was a victim of what black people faced and hoped to change. Anne Moody was physically abused because of the color of her skin, â€Å"then the mob started to smear her and others with ketchup, mustard, sugar, pies, and everything in the counter† (p.45). This was just for sitting at the counter in a restaurant. In the midst of all this chaos, African Americans took action to combat all the racism they were facing and unjust laws that in order to get to a solution. There were many strategies that civil rights activist proposed and practiced that were put on the table in order to find solutions. One of these influencers proposed to have a unification of all black people. â€Å"Keep our religion between ourselves and our God, but when coming out here, we have a fight that is common to all of us against an enemy who is common to all of us,† expresses Muslim and civil rights leader Malcolm X (p.72-73). This a time where everyone must put their beliefs and differences aside in order to progress. At the end of the day, they all have the same goal and the same foe to fight against. This is a call to action where they must gain control of their own fate but in order for that to happen, they must invest in their own self. One of Malcolm's main objectives to combat the oppressive system black people were living in was different to King's method. King's method was a non-violent one and have all people, no matter the color, come together to erase the racism between people. Malcolm was more having only black people come together as a community to help one another in order to progress. Muslim speaker states, â€Å"The community in which you spend your money becomes richer and richer. The community out of which you take your money becomes poorer and poorer† (p.74). Malcolm wants black people to stop spending their money in communities they are not part of. He insists that it by spending money in your own community, it becomes richer and in then being able to prosper. This was just one of the few things that he proposes to during this time period. The 1960s was another major time period for African Americans to fight for equal rights in this country. This time period is a big turning point for all people of color. It signifies that by uniting everyone for a cause, situations can be changed for the better no matter how difficult the obstacle. It was the fight to change the social, political, cultural, and laws that cast a shadow on the people of color by discriminating them. The civil rights movement gave birth to different many leaders on how to solve this issues that were happening at that time. With many people taking action and finding solutions, also came a lot of misfortunes that brought many difficulties in the fight for equality. Many discrimination acts were against African American that they had the courage to unite for a better tomorrow. It was all about getting equality for every single person. Although today our world is not completely equal as we want it to be, there is no doubt that we have made some remarkable advancements in our society. Looking back at the history of the civil rights movement there's for sure something that we learn from and use today to solve our current issues. Civil Rights Movement CIVIL RIGHTS MOVEMENT The civil rights movement in America had a wide variety of successes over time. As successful as they were, all went through their share of hardships and struggles. Major desegregation acts in history include Brown vs, Board of Education, the Montgomery Bus Boycott, and the Civil Rights Act of 1957. These events changed life for African Americans to come. In the early 1950's, racial segregation in public schools was the norm across America. Although all the schools in a given district were supposed to be equal, most black schools were inferior to their white counterparts.Brown vs. Board of Education was a decision of the US Supreme Court in 1954 that declared state laws establishing separate public schools for black and white students was unconstitutional. It was a giant step towards complete desegregation of public schools. However, even partial desegregation of these schools, was still very far away. Started by the arrest of Rosa Parks on 1 December 1955, the Montgomery bus boycott was a 13-month protest that ended with the U. S. Supreme Court ruling that segregation on public buses is unconstitutional.At one point in time, 90 percent of African American bus riders were choosing to walk. The bus boycott demonstrated nonviolent protest to successfully challenge racial segregation and was an example for other campaigns that followed. Dr. Martin Luther King Jr. , being the president of the Montgomery Improvement Association, spoke to many about the Montgomery Bus Boycott, commonly expressing that, ‘‘I want it to be known that we’re going to work with grim and bold determination to gain justice on the buses in this city†.The bus boycott was followed by a similar judgment concerning interstate buses. However, states in the Deep South continued their own policy of transport segregation. The 1964 Civil Rights Act made racial discrimination in public places, such as theaters, restaurants and hotels, illegal. It also requ ired employers to give equal employment opportunities. The Civil Rights Act also attempted to deal with the problem of African Americans being denied the vote in the Deep South.The legislation stated it must prevail for establishing the right to vote. Schooling to sixth grade constituted legal proof of literacy and the attorney general was given power to give legal action in any area that they found resistance to the law. These three things impacted American history and all strengthened a complete integration that many during this time were moving toward. Without these, who knows where the U. S. would be at, in terms of racial issues, today? Civil Rights Movement CIVIL RIGHTS MOVEMENT The civil rights movement in America had a wide variety of successes over time. As successful as they were, all went through their share of hardships and struggles. Major desegregation acts in history include Brown vs, Board of Education, the Montgomery Bus Boycott, and the Civil Rights Act of 1957. These events changed life for African Americans to come. In the early 1950's, racial segregation in public schools was the norm across America. Although all the schools in a given district were supposed to be equal, most black schools were inferior to their white counterparts.Brown vs. Board of Education was a decision of the US Supreme Court in 1954 that declared state laws establishing separate public schools for black and white students was unconstitutional. It was a giant step towards complete desegregation of public schools. However, even partial desegregation of these schools, was still very far away. Started by the arrest of Rosa Parks on 1 December 1955, the Montgomery bus boycott was a 13-month protest that ended with the U. S. Supreme Court ruling that segregation on public buses is unconstitutional.At one point in time, 90 percent of African American bus riders were choosing to walk. The bus boycott demonstrated nonviolent protest to successfully challenge racial segregation and was an example for other campaigns that followed. Dr. Martin Luther King Jr. , being the president of the Montgomery Improvement Association, spoke to many about the Montgomery Bus Boycott, commonly expressing that, ‘‘I want it to be known that we’re going to work with grim and bold determination to gain justice on the buses in this city†.The bus boycott was followed by a similar judgment concerning interstate buses. However, states in the Deep South continued their own policy of transport segregation. The 1964 Civil Rights Act made racial discrimination in public places, such as theaters, restaurants and hotels, illegal. It also requ ired employers to give equal employment opportunities. The Civil Rights Act also attempted to deal with the problem of African Americans being denied the vote in the Deep South.The legislation stated it must prevail for establishing the right to vote. Schooling to sixth grade constituted legal proof of literacy and the attorney general was given power to give legal action in any area that they found resistance to the law. These three things impacted American history and all strengthened a complete integration that many during this time were moving toward. Without these, who knows where the U. S. would be at, in terms of racial issues, today?

My Testimony Is Not An Epic - 1265 Words

My testimony is not an epic, one which I could recount to a congregation â€Å"ooh’s, ahh’s and amens.† It has no epic turn of events whereby this sinner sees the error of his ways through the love of Christ. Nor does my story have an exact beginning or an end. It’s not likely it will be made into a movie, let alone a TV drama, sitcom or even a short video on youtube. My story is, in many ways, simply ordinary. The psychologist Abraham Maslow once said, â€Å"The sacred is in the ordinary...it is to be found in one s daily life, in one s neighbors, friends, and family, in one s own backyard†¦Ã¢â‚¬  The sacred, that which is connected with God, Maslow explains, is everywhere. There is no point, in Maslow’s mind, for turning to a God for the miraculous because life itself is a miracle. Maslow’s sentiment is sentimental but not a complete description of ordinary life. While we should take life seriously and see blessings in the people around us my ordinary life would not be sacred had I not been turned to the Gospel of Jesus Christ and his saving grace. My ordinary life is sinful. My â€Å"default† setting when I wake up in the morning is that of rebellion against God without the power of the Holy Spirit actively working in me to stop this. I wake up every day easily angered by others, frustrated with a myriad of normal problems and not ready to thank God for what I have been given. Maybe my friends and family are a miracle but I’m too blind on my own to recognize that which is God’s gift,Show MoreRelatedDifferences Between Cuneiform And Cuneiform1229 Words   |  5 Pagesas well (World History Sources). 5. What is your response to the documentary, Erasing Memory? Do â€Å"we† have a moral obligation to â€Å"protect† art? How does the work by experts and curators compare to The Monuments Men’s work? (lookup organization). 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